We report a mode-locked Ti:sapphire femtosecond laser with 5 GHz repetition rate. Spectral broadening of the 24 fs pulses in a microstructured fiber yields an octave-spanning spectrum and permits self-referencing and active stabilization of the emitted femtosecond laser frequency comb (FLFC). The individual modes of the 5 GHz FLFC are resolved with a high-resolution spectrometer based on a virtually imaged phased array spectral disperser. Isolation of single comb elements at a microwatt average power level is demonstrated. The combination of the high-power, frequency-stabilized 5 GHz laser and the straightforward resolution of its many modes will benefit applications in direct frequency comb spectroscopy. Additionally, such a stabilized FLFC should serve as a useful tool for direct mode-by-mode Fourier synthesis of optical waveforms.